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Brussels is to host Lloyds of London's European hub, beating off competition from six other EU cities to entice the 329-year-old organisation as the UK officially withdraws from the EU.

The insurance market announced its decision on Thursday, the day after the UK officially fired the starting gun on its divorce from the EU. Chairman John Nelson said that the move would lead to "tens" of people either moving from London or being hired on the ground.

That number could change depending on the terms of the exit arrangements, he said, adding "we very much hope the Government negotiates a good deal but we have to assume risk of a harder Brexit".